Home
Facebook Twitter RSS
Frequently Asked Questions
BYHS Renovation Project Main Page
Additional Pages:
Architect Dewberry & Davis Information & Schematic Drawings
Chronological Planning for BYHS Renovation
Dates for Community & School Presentations
Frequently Asked Questions
General Information
Presentation Materials & Handouts
Proposed Construction Budget

1.      I understand that the BYHS proposal includes renovation of buildings, but new construction for halls 1, 2, and 3. Why can renovations not be made rather than new construction? Due to construction methods used in 1956, the rooms could not be enlarged to the size that state laws require today.

 

2.      Why is this so important to do NOW? Two reasons: (1) Safety is not something that can wait!  In Caswell County Schools, our first priority is ensuring the safety of our students.  The second priority is providing students with a high-quality education that prepares them for the future.  This renovation project will help us provide both to Caswell’s students. (2) The current USDA loan interest rate for this project is currently 3.825%.  The longer we wait, the higher the interest rate climbs. Even small interest rate increases could result in several millions of dollars in interest charges (each ¼ cent interest rate increase could result in over $2,000,000 in increases to the taxpayers over the life of a 40 year loan). The 5% bond rate is also subject to increase over the upcoming year.  

 

3.      What is the difference between using a USDA Loan versus a Bond for the BYHS renovation project?  Bonds have a current interest rate of 5%, and funds can only be borrowed for 20-25 years.  This could potentially skyrocket property tax increases for Caswell’s tax payers. USDA loans provide lower interest rates and can be borrowed for a longer time period (30-40 years); however, the longer we wait, the higher interest rates could climb.  Other school districts throughout NC are using USDA loans for the construction of schools.

 

4.      How can I calculate the property tax increase for the amount of property I own in Caswell County?  The tax rate is calculated based on $100 of property someone owns in Caswell.  For every $100 worth of property someone owns, that person will owe $.054 more in taxes each year.  An example below shows what the annual tax rate increase would be for someone who owns $100,000 worth of property in Caswell County, and examples of tax rate increases for various property values.

$100,000 (Property Value) / 100

(Tax Rate Calculation) = 1000

(Units of Property)

 

1000 (Units of Property) X .054

(Tax Rate Increase) = $54.00

(Annual Tax Rate Increase for $100,000 worth of property)

 

Property Value

 

Annual Tax Rate

Increase

$25,000 $13.50
$50,000 $27.00
$75,000 $40.50
$100,000 $54.00
$200,000 $108.00
$250,000 $135.00

5.      Why can’t we use lottery money for this project?  Lottery funds are calculated to be used for this project.  This proposal includes $3,000,000 in lottery funds to go toward the total cost of this project, as well funds to pay off the loan used to construct N. L. Dillard Middle School in the amount of $645,000.

 

6.      I originally heard that the BYHS construction proposal was for $42,000,000 but now hear it is $33,775,440.  Why is there a different amount?  The school board scaled back as much as possible excluding many needs for BYHS, still keeping safety a priority.  The board will try to secure a Needs Based Grant for construction when the application is available. If awarded, it could be as much as $15,000,000 (this application should be available in late August 2018).  If received, we are requesting that the original reduced items be returned to the construction plan; if this occurs, the overall estimated price would still be reduced to an amount of approximately $27,000,000.

 

7.      Shouldn’t we wait to see if grants are received before entering a USDA Loan or Bond? While the determination of school funding is solely for the Caswell County Commissioners, it is important to know that the current interest rates for the USDA loan as well as the bond are predicted to climb.  As a result, the longer we wait, the higher the interest rate. Locking in a loan now and paying down borrowed monies as grant money is received is an option that could potentially save taxpayers a substantial amount of money.

 

8.      What can I do to help? Contact your County Commissioners to voice your support for this project!  

 

319 Main Street E. | Yanceyville, NC 27379